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89
Apr 13, 2017
04/17
by
KGO
tv
eye 89
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deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit.
deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit....
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36
Apr 1, 2017
04/17
by
CSPAN
tv
eye 36
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trade deficit. fyi, our largest merchandise trade deficit for 2016 were with china, japan, germany, mexico, ireland, vietnam, and italy. if you want to do anything about the trade deficit, cut back on your pasta intake. [laughter] our largest merchandise export markets for canada mexico china japan u.k. germany and korea. love the countries with whom we have the largest merchandise trade deficits are also countries that are our largest merchandise export markets. the current debate about trade deficits has been framed by the trump administration by their assertion that trade deficits are very important and damaging to the u.s. economy because they indicate jobs that have been lost by overseas countries, foreign countries, largely because of unfair trade practices. we want to look into this issue of the trade deficit and how it relates to trade policy, how it ultimately relates to other factors. as our speakers present their initial comments, i ask them to consider three questions. one, what are the
trade deficit. fyi, our largest merchandise trade deficit for 2016 were with china, japan, germany, mexico, ireland, vietnam, and italy. if you want to do anything about the trade deficit, cut back on your pasta intake. [laughter] our largest merchandise export markets for canada mexico china japan u.k. germany and korea. love the countries with whom we have the largest merchandise trade deficits are also countries that are our largest merchandise export markets. the current debate about trade...
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34
Jan 29, 2019
01/19
by
CSPAN
tv
eye 34
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right now we have no deficit and we have no recession. the deficits are very high. if we go through a business cycle and we are starting at this level, the business cycle would lead to very large deficits. much larger than we are seeing now. that's a concern in terms of risk going forward. that is a punchline that is important. >> the argument is more that -- interest rates may rise in the future but they stay relatively stable so why should we change policy based on that projection that is 30 years away. i would like you to address those arguments you brought up earlier. keith hall: one of the things you can do and one of the things that we have in our report is we have some what if's. what if interest rates were lower than we project, what if they are higher than we project. if you look at something like what the effect of lower interest rates, what kind of effect that would have, you still have significant deficits and debt going forward. it makes a difference and improves things. it doesn't improve all that much. that is one of the points i would like to make. i
right now we have no deficit and we have no recession. the deficits are very high. if we go through a business cycle and we are starting at this level, the business cycle would lead to very large deficits. much larger than we are seeing now. that's a concern in terms of risk going forward. that is a punchline that is important. >> the argument is more that -- interest rates may rise in the future but they stay relatively stable so why should we change policy based on that projection that...
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94
Feb 18, 2012
02/12
by
CSPAN3
tv
eye 94
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so the question is not whether to reduce the deficit, the question is how do we reduce the deficit? and the president's approach is the balanced approach. it takes the frame work we saw from the bipartisan commission and it adopts the very cuts that we made in discretionary spending in earlier months. it cuts another $600 billion in mandatory spending. and it does eliminate a lot of the special interest tax breaks and asks the wealthiest of americans to go back to paying the same top rate that they were paying during the clinton administration, a time when the economy was booming. and that balance is what our republican colleagues have objected to. this is a question of choices. if last year's republican budget is a sign of where we'll head this year, they take a lopsided approach, further slashing investments in education, in science and research and infrastructure, which are critical drivers of the economy. and they do slash the social safety net in that they cut $700 billion from medicaid that helps people like the vel nurable seniors in nursing homes, and they ask seniors on med
so the question is not whether to reduce the deficit, the question is how do we reduce the deficit? and the president's approach is the balanced approach. it takes the frame work we saw from the bipartisan commission and it adopts the very cuts that we made in discretionary spending in earlier months. it cuts another $600 billion in mandatory spending. and it does eliminate a lot of the special interest tax breaks and asks the wealthiest of americans to go back to paying the same top rate that...
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412
Mar 10, 2014
03/14
by
LINKTV
tv
eye 412
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so, were the deficits hurting us? not always. had we learned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. annenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. hasyou look healthyd, "you and you feel fine, health"? but that may not be the full picture. colorectal cancer is the number two cancer killer. it doesn't always cause symptoms, but it can be prevented. get screened. make sure you are the picture of health.
so, were the deficits hurting us? not always. had we learned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. annenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. hasyou look healthyd, "you and you feel fine, health"? but that may not be the full picture. colorectal cancer is the number two cancer killer. it doesn't always cause...
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32
Sep 16, 2017
09/17
by
CSPAN3
tv
eye 32
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the trade deficit and the current account deficit. when i say trade deficit i mean current account deficit. it's just a convenience. the trade deficit now 4% of u.s. gp has caused us to lose a million to 2 million jobs. it's a non-trifl number. it's a large number. i come from northern new england when i drive through towns i could cry. to see the devastation in the east communities. so that's my first idea. and i'll come back to that. the second idea gets what's caused the trade deficit. so we come to the savings investment balance that both jeff and ann. in here i'll introduce the distinction between crowding out and crowding in. if i listened to my colleagues on this panel, i hear there's a shortage of u.s. savings. maybe. maybe there's an excess supply of foreign savings. maybe the foreign savings is coming into the united states and driving up the price of u.s. dollar and having an impact on savings rate. so that is the crowding out, crowding in distinction. and the third idea o that i want to get to, it's involved in policy. and
the trade deficit and the current account deficit. when i say trade deficit i mean current account deficit. it's just a convenience. the trade deficit now 4% of u.s. gp has caused us to lose a million to 2 million jobs. it's a non-trifl number. it's a large number. i come from northern new england when i drive through towns i could cry. to see the devastation in the east communities. so that's my first idea. and i'll come back to that. the second idea gets what's caused the trade deficit. so we...
95
95
Feb 17, 2012
02/12
by
CSPAN3
tv
eye 95
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as you can see in 2022, deficit. from the president's policies are below 3% of gdp, compared to 4.7% in the baseline. furthermore, debt as a percent of the baseline is stabilized from 2018 on. the president's budget replaces the sequester with a balanced approach to deficit reduction, with $2.50 in spending cuts for every dollar of revenue increases.budget we have made tough choices and we all need to work together toe maintain this balanced approach. in closing, as a business glo person, and now omb acting director i believe the president's budget makes the right investments to make us mak more competitive in the global marketplace. and achieving declining deficits is critical. this is good for business, good for the middle class and good >> for america. i would be happy to take a question. >> thank you, mr. zients. thans we will do great if our answers are not so long. th and we do not filibuster here iw the house. i think they are going to bringt me a powerpoint in a second here. that is fast.om thanks. so, let's
as you can see in 2022, deficit. from the president's policies are below 3% of gdp, compared to 4.7% in the baseline. furthermore, debt as a percent of the baseline is stabilized from 2018 on. the president's budget replaces the sequester with a balanced approach to deficit reduction, with $2.50 in spending cuts for every dollar of revenue increases.budget we have made tough choices and we all need to work together toe maintain this balanced approach. in closing, as a business glo person, and...
WHUT (Howard University Television)
123
123
Nov 4, 2009
11/09
by
WHUT
tv
eye 123
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deficit that i was talking about. it also adds $3.5 trillion to the deficit. finally, the recovery act accounts for less than 10% of that total. so basically, the $9 trillion projected deficit can be entirely accounted for by the failure to pay for policies in the past, the economic downturn, and the steps we've had to take to combat that downturn. which is not to say action isn't necessary, it absolutely is. but it's important to realize we didn't get here by accident. >> rose: is this administration in favor of extending unemployment benefits? >> there are a whole series of questions that we are facing as we come to the end of the year, including unemployment benefits. i expect there will be some extension of unemployment benefits. >> rose: because people like arianna huffington are going around saying to me and others that the problem is with the administration is larry summers is against extending unemployment benefits. >> i don't want to speak about the views of individual members of the economic or other parts of the administration, but i don't think tha
deficit that i was talking about. it also adds $3.5 trillion to the deficit. finally, the recovery act accounts for less than 10% of that total. so basically, the $9 trillion projected deficit can be entirely accounted for by the failure to pay for policies in the past, the economic downturn, and the steps we've had to take to combat that downturn. which is not to say action isn't necessary, it absolutely is. but it's important to realize we didn't get here by accident. >> rose: is this...
19
19
Mar 31, 2017
03/17
by
CSPAN3
tv
eye 19
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trade deficits. as you know, the mission is to educate about trade policy. we couldn't be more happy than to have today's panel. we'll have a discussion and then open it up for questions. with that, peter. >> thank you very much. thank you all who successfully braved the rain today. obviously we have a very timely discussion topic today. really it is at the very heart of the debate about u.s. trade policy. we are very fortunate to have three recognized experts in trade policy, economic policy. to my left here is rob shapiro. they specialize in economic risks and economic policy. he is also at the georgetown university school of business and previously served among other things as secretary of commerce for economic affairs. she has previous experience with the imf and she also has a phd in economics from columbia. from the far left in terms of the seating is peter who is at the smith school of business. you hear about the smith effect. i don't know if he will reveal the smith effect today or not but w
trade deficits. as you know, the mission is to educate about trade policy. we couldn't be more happy than to have today's panel. we'll have a discussion and then open it up for questions. with that, peter. >> thank you very much. thank you all who successfully braved the rain today. obviously we have a very timely discussion topic today. really it is at the very heart of the debate about u.s. trade policy. we are very fortunate to have three recognized experts in trade policy, economic...
135
135
Mar 2, 2011
03/11
by
CSPAN
tv
eye 135
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you ran the deficit up, the annual deficit, now two in a row, trillion-dollar-plus deficits a year, record breaking, we've never had that before, you've ran the debt up to now we're bouncing against the ceiling and the congress will be called upon to increase the debt ceiling. there were no appropriations bills passed last year at all, thus that's why we're here today. so let's talk about the spending spree that we're trying to slow down and stop, madam speaker. with this bill. i yield back that time and yield two minutes, three minutes to the gentleman from georgia, a member of our committee, mr. graves. the speaker pro tempore: the gentleman from georgia is recognized for three minutes. mr. graves: thank you, madam speaker. and i appreciate the chairman for clarifying some things that we just heard because i was at a loss, thinking i was going to need much more than three minutes to, you know, rewrite some of what we just heard there and correct the historical account of the last several years. we heard the la. ing and wailing today from -- lamenting and wailing today of the other side o
you ran the deficit up, the annual deficit, now two in a row, trillion-dollar-plus deficits a year, record breaking, we've never had that before, you've ran the debt up to now we're bouncing against the ceiling and the congress will be called upon to increase the debt ceiling. there were no appropriations bills passed last year at all, thus that's why we're here today. so let's talk about the spending spree that we're trying to slow down and stop, madam speaker. with this bill. i yield back...
191
191
Mar 26, 2010
03/10
by
CNBC
tv
eye 191
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and it isn't the in the deficit. in historic yamranges the deficit doesn't matter. inflation's more important. it goes like this. there's a flow of funds argument, that says the deficit means the government's selling new securities and with the government sells a love new securities, if there's not enough people saving enough to buy them the rates go up. but there's another story, yesterday people in america owned almost $200 trillion worth of estimates that are already there. what really matters is the price of the assets, not the new assets, because there are probably 20 times more of them. and that's why inflation is important because inflation increases the return on real goods, like real estate and gold and commodities and draws people's portfolios toward that, forces them to sell their old bonds and drives the rates up. >> i've got a couple of charts i want to put on the screen. let's look at the deficit chart first, if we can pull that up. had is just for the last dozen or so years if we can get it up on the full screen. there you go. that starts in the late
and it isn't the in the deficit. in historic yamranges the deficit doesn't matter. inflation's more important. it goes like this. there's a flow of funds argument, that says the deficit means the government's selling new securities and with the government sells a love new securities, if there's not enough people saving enough to buy them the rates go up. but there's another story, yesterday people in america owned almost $200 trillion worth of estimates that are already there. what really...
28
28
Mar 6, 2017
03/17
by
CSPAN2
tv
eye 28
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oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the government data as increased u.s. exports, a decreased trade deficit and an increase in u.s.. gdp growth. at the same time, if the u.s. uses its leverage as the world's largest market to persuade india to reduce its no to have yously high -- no record yously -- notoriously high tariffs and japan, we will sure hi sell more washington apples, florida origin toes, california wine and wisconsin cheese and harley davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase and real wage levels rise from seattle and orlando to
oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the...
28
28
Apr 4, 2017
04/17
by
CSPAN2
tv
eye 28
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deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade deficits go with less employment and less economic growth in the united states. the trade deficit figures in the midst of an economic boom, what does history tell us about relationship between trade deficits in economic growth, trade deficits and overall employment? >> i tweeted a picture of us growth, and the correlation is close to 0 and not significant and exactly for the reasons stated, in really good times, high high demand and import a lot, might be importing intermediates going to the production, and tr
deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade...
208
208
Mar 9, 2015
03/15
by
LINKTV
tv
eye 208
favorite 0
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so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. ♪ meet cathy, who's lived most everywhere, from zanzibar to barclay square. but patty's only seen the sight, a girl can see from brooklyn heights, what a crazy pair! ♪ cathy: oh my, patty. did you find all your files? patty: finally! who knew it would be this much work when richard and i decided to retire! cathy: well, what are you going to do first? patty: we're heading down to brooklyn heights and start in on that social security paperwork. cathy: why would you do that? patty: what do you mean? cathy: it's so much easier to log onto socialsecurity.gov and file online. patty: what if i need to know how much money i'll be getting? cathy: online. patty: what if our address changes? cathy: online. patty: what if i want medicare too? cathy: online. patty: so, how did
so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. ♪ meet cathy, who's lived most everywhere, from zanzibar to barclay square. but patty's only seen the sight, a girl can see from brooklyn heights, what a crazy pair! ♪ cathy: oh my,...
66
66
Oct 7, 2013
10/13
by
LINKTV
tv
eye 66
favorite 0
quote 0
so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org.
so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org.
0
0.0
Jun 22, 2022
06/22
by
CSPAN3
tv
eye 0
favorite 0
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deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the marketeer. -- markets here. >> let me as an employment question and that is, we have jobs. let me mix this with, have you given an assessment. i would like an assessment of the immigration program, meaning legislation of congress that -- for ben carson, etc.. have you had that analysis -- on the comfort -- comprehensive immigration client -- plan of the inclusion of dollars to the economy and what impact unemployment negatively? >> the cdo did a fiscal analysis for the immigration division in the build back better
deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the...
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96
Jul 30, 2013
07/13
by
CSPAN
tv
eye 96
favorite 0
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the deficit right now -- the deficit might be coming down too quickly. you need to make those decisions as quickly as possible. the continuing delay of, how are we going to do with the biggest problem, after cost, even with the good news, health care is growing faster -- how will we deal with the aging of the baby boomers? we have continued to punt on how to figure out those challenges. how will we update our tax code so we can raise the to finance our budget through a more clean tax code than the one we currently have? i think we need to get to work on those things as quickly as possible. i'm sure there is disagreement on the perfect budget solution from where iris -- from where i stand. we need to get working on these trends as quickly as possible. we do not need to have two sides fighting for years and years revenue want this package, the spending package, and move towards the compromise. that is how i see that. bighad said, it would be a deal if we came out and said, deficit reduction is not the number one priority right now. i remember after the eco
the deficit right now -- the deficit might be coming down too quickly. you need to make those decisions as quickly as possible. the continuing delay of, how are we going to do with the biggest problem, after cost, even with the good news, health care is growing faster -- how will we deal with the aging of the baby boomers? we have continued to punt on how to figure out those challenges. how will we update our tax code so we can raise the to finance our budget through a more clean tax code than...
20
20
Apr 10, 2017
04/17
by
CSPAN3
tv
eye 20
favorite 0
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one can say well, we have a trade deficit because we have a savings deficit. i could run causality in the other direction. if i want today debunk the trump administration that's what i would do. many wondering how is it brexit happened or trump happened. never endorsed donald trump. i want to be clear about that. i'm not here to defend his policies. i could structure an argument that would make it that work and you just heard it. if i was worried about economics profession being debunked, i would certainly make that argument. but to focus on my argument, it's also, you know, by the way true that the current account deficit, which is the trade deficit, has to equal net capital influx, and i could say because we have a current account deficit, therefore we have capital inflows or i could do the reverse and build an argument in either direction and use perfectly reasonable sounding economics to accomplish that. in my mind the trade deficit is the result of a combination of the technological forces driving globalization on the one hand and nationalism on the other
one can say well, we have a trade deficit because we have a savings deficit. i could run causality in the other direction. if i want today debunk the trump administration that's what i would do. many wondering how is it brexit happened or trump happened. never endorsed donald trump. i want to be clear about that. i'm not here to defend his policies. i could structure an argument that would make it that work and you just heard it. if i was worried about economics profession being debunked, i...
107
107
Mar 7, 2017
03/17
by
CSPAN
tv
eye 107
favorite 0
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do trade deficits matter? this is an important question because america's trade deficits in goods is large and inconsistent. in 2016.ion about $2 billion every single day. communist china counts for roughly half of that trade deficit. 47% to be exact. germany,t mexico and japan each run annual surpluses with america of over $60 billion. that counts cuba tivoli -- .umulatively as we use the yardstick of the percent of our volume of our two-way trade, ireland and 65%, 61%re at respectively. they actually outstrip china. thailand arealy, not far behind. other countries with which we deficits on the order of $15 billion annually include india, south korea, taiwan, france and switzerland. what all this as up to is a group of 16 countries that account for the lion's share of our deficit problem. if you see these bilateral trade deficits as a problem. before us. question do trade deficits matter? more specifically, to america's large, persistent trade deficits pose an economic and national security threat? to begin o
do trade deficits matter? this is an important question because america's trade deficits in goods is large and inconsistent. in 2016.ion about $2 billion every single day. communist china counts for roughly half of that trade deficit. 47% to be exact. germany,t mexico and japan each run annual surpluses with america of over $60 billion. that counts cuba tivoli -- .umulatively as we use the yardstick of the percent of our volume of our two-way trade, ireland and 65%, 61%re at respectively. they...
WHUT (Howard University Television)
198
198
Jul 9, 2009
07/09
by
WHUT
tv
eye 198
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these deficits. never seen these before in your lifetime or my lifetime. so for example the deficit for the year we're now in is going to be about a trillion nine. a trillion nine. >> rose: over 2009 the deficit will be $1.9 trillion? >> that's right. and keep in mind, only a few years ago, four or five years ago, the entire budget wasn't $1.9 trillion. it would have been, say, five years ago or six years ago. the deficit in relation to the size of our economy is going to be 13% this year. it's not going to... it's going to average approximately 5% for the next ten years. and, by the way, we've only had deficitss of that magnitude, the 5%, twice since 1946. now, the debt, according, for example, to goldman sachs, is going to reach at the end of this ten-year period about 85% of the size of our economy. now, the last time that happened was at the onset of world war ii 1942, 1943. we haven't had anything remotely like that, since. the united kingdom, the u.k., is also facing an outlook like that and ha
these deficits. never seen these before in your lifetime or my lifetime. so for example the deficit for the year we're now in is going to be about a trillion nine. a trillion nine. >> rose: over 2009 the deficit will be $1.9 trillion? >> that's right. and keep in mind, only a few years ago, four or five years ago, the entire budget wasn't $1.9 trillion. it would have been, say, five years ago or six years ago. the deficit in relation to the size of our economy is going to be 13%...
25
25
Jan 4, 2018
01/18
by
CSPAN
tv
eye 25
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so, to trillion dollar deficit. that's where were headed. 2 trillion deficit. that's where were headed. -- we are headed. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise we actually recouped. fannie mae, freddie mac, t.a.r.p., things like that. so what does this mean debt to gdp? well, i mentioned to you before that debt to gdp is already higher than any other time since world war ii, already about twice its historic average. and even prior to the tax cuts, debt to gdp was rising from 77% of gdp today to 91% after a decade. that might not sound like a lot to you, but it sure sounds like a lot to me. that's really what would be unprecedented to start with to , have a debt already so high and continue to rise. as a result of this tax cut bill alone, debt is likely to rise to 96% of gdp. if
so, to trillion dollar deficit. that's where were headed. 2 trillion deficit. that's where were headed. -- we are headed. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise we actually recouped. fannie mae, freddie mac,...
34
34
Oct 16, 2017
10/17
by
CSPAN3
tv
eye 34
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trade deficit. following their presentations and rebuttals, panelists answered questions from the audience. >> there we go. we'll start again. good morning, ladies and gentlemen, i'm glad you're with us. i'm alex pollock from the r street institute. it's a pleasure for us to welcome you to this timely conference on trade deficits and the trump administration. it goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flow of gold in old days or reserves nominated in fiat currencies now have a long and controversial history in economics and in politics. these debates feature the famous and essential contrast between the interests of producers on one side and those of consumers on the other, abiding asymmetry and pressures for adjustment between countries with persistent deficits like the u.s. versus those with persistent surplus, germany for example. naturally throughout this is the desire of politicians to
trade deficit. following their presentations and rebuttals, panelists answered questions from the audience. >> there we go. we'll start again. good morning, ladies and gentlemen, i'm glad you're with us. i'm alex pollock from the r street institute. it's a pleasure for us to welcome you to this timely conference on trade deficits and the trump administration. it goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign...
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Jul 9, 2009
07/09
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. >> rose: give me a short primer on deficits. >> well, firstf all, we've never seen deficits of this magnitude either in absote terms-- just the dollaramount ofhe dicit-- or in relative term the size of the deficit to our econy and the growing relationsh of the deb as it grows virtue of thes deficits. never seen theseefore in your lifetime omy lifetime. so for example the deficit for e year we're now in is going to be about a trillion nine. a trillion nine. >> rose:over 2009 the deficit will be $1.9 illion? >> that'right. and keep in mind, only a few years o, four orive years ago, the ente budget wasn't $1.9 tllion. it would he been,ay, five yearago or six years ago. the deficit in relati to the size of our economy is going to 13% this year. it not goingto... it's going toveragepproximately 5% for the next ten years. and, b the way,e've only h deficitss of that magnitude, the 5%, twi since 1946. now, the debt, accordg, for example, to goldman sachs, is going to rch at the endf this ten-year period about 85% of the size of our economy. now, the last time that happened was at the set o
. >> rose: give me a short primer on deficits. >> well, firstf all, we've never seen deficits of this magnitude either in absote terms-- just the dollaramount ofhe dicit-- or in relative term the size of the deficit to our econy and the growing relationsh of the deb as it grows virtue of thes deficits. never seen theseefore in your lifetime omy lifetime. so for example the deficit for e year we're now in is going to be about a trillion nine. a trillion nine. >> rose:over 2009...
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Nov 8, 2017
11/17
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bush tax cuts with a deficit, a structural deficit. it hasn't been solved. now, i guess the deficit hawks, like the canadian geese have somehow migrated to the far south -- geese, have somehow migrated to the far south of washington, d.c. because i don't hear from them today. they've migrated somewhere far away from washington. but what i hear from those previous folks that called themselves deficit hawks is that they want to drive up the american deficit. that they have a proposal to actually increase the american deficit. oh, wonderful, they say. not to worry. we can increase the deficit by well over $1,5,000,000,000 in the next decade and it will be lovely. e'll create more jobs. excuse me. i must have missed something in this debate. you just said a year ago that those deficits would somehow trade a calamity for the american economy. that we would lose jobs. we'd lose our competitiveness. that we would come to ruin. and now you're telling me i $1500 -- orry about $1,500,000,000,000 increase over the next decade? how does that work? how does that happen?
bush tax cuts with a deficit, a structural deficit. it hasn't been solved. now, i guess the deficit hawks, like the canadian geese have somehow migrated to the far south -- geese, have somehow migrated to the far south of washington, d.c. because i don't hear from them today. they've migrated somewhere far away from washington. but what i hear from those previous folks that called themselves deficit hawks is that they want to drive up the american deficit. that they have a proposal to actually...
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May 4, 2022
05/22
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let me remind you again i reduced the federal deficit. all the talk about the deficit from my republican friends, i love it. i've reduced $350 billion in my first year in office. and we're on track to reduce it by the end of september by by another $1,500,000,000,000, the largest drop ever. i don't want to hear republicans talk about deficits and their ultra-maga agenda. i want to hear about fairness. i want to hear about decency. i want to hear about help on ordinary people. the bottom line is that, for decades, the trickle-down economics has failed as income inequity grew to historic levels under the republicans. the maga republicans excuse me, i don't want to mispronounce it. the maga republicans. it's time to grow the economy but from the bottom up and the middle out. because here's the deal: when the poor have a ladder up and the middle class grows, the wealthy always do very well. they do very well. that's what this is about. that's what this is about, everybody doing better. and so, i want you to understand again, first year, , $35
let me remind you again i reduced the federal deficit. all the talk about the deficit from my republican friends, i love it. i've reduced $350 billion in my first year in office. and we're on track to reduce it by the end of september by by another $1,500,000,000,000, the largest drop ever. i don't want to hear republicans talk about deficits and their ultra-maga agenda. i want to hear about fairness. i want to hear about decency. i want to hear about help on ordinary people. the bottom line is...
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Mar 7, 2017
03/17
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when imports exceed exports, that is a trade deficits. -- deficit. if we are able to reduce our trade deficit. -- through tough smart negotiations, we should be able to increase our growth. i will give you an example. -- suppose the u.s. negotiates bilateral trade deals with germany and mexico this year. as a key part of the term sheet, each country agrees to purchase more products from the united states ban its now purchases from the rest of the world. this would show up in the government data as increased u.s. export, a decrease trade deficits, and an increase in u.s. gdp growth. the u.s. uses if its leverages company world's largest market, to persuade india to reduce its notoriously and japan to, lower its not carrier barriers, we will surely sell washington apples, florida oranges, california wine, and wisconsin cheese and harley-davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase, and real wage levels rise from seattle and orlando, to sonoma and blocky. --milwaukee. what about the investment term? here
when imports exceed exports, that is a trade deficits. -- deficit. if we are able to reduce our trade deficit. -- through tough smart negotiations, we should be able to increase our growth. i will give you an example. -- suppose the u.s. negotiates bilateral trade deals with germany and mexico this year. as a key part of the term sheet, each country agrees to purchase more products from the united states ban its now purchases from the rest of the world. this would show up in the government data...
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Jul 5, 2020
07/20
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with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for example, i think that congress should be looking for ways, real resources so that we can deliver that material will well-being to people. the easiest part of any agenda is finding the money. that is the easiest part. that challenge is how many of our nations real productive resources, how many of our workers, how many people, how much of our factories, many machines, much real resources do we want directed to producing public goods, health, infrastructure education, and those sorts of things and how much do we want to leave to the private secto
with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for...
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Oct 16, 2012
10/12
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the deficit will be over $200 billion smaller than it was last year when the deficit was already smaller than the one the president inherited. barack obama turns out to be a reducer of the deficit. but he gets zero credit for this in the press or it turns out with voters. joining us is the man who was supposed to stop problems like that from happening. senior adviser robert gibbs. thank you for being here tonight. >> thank you for having me. >> am i blaming you unfairly? >> i think that was quite an intro. i do think you make a series of great points. we forget that before barack obama ever walked into the oval office, president bush had spent a trillion dollars that year. they want to blame -- it's funny. you listen to them talk about it and you forget that that was all under their watch. and so many of the policies that we're trying to unwind right now, we ended the war in afghanistan. we had to put more troops in afghanistan, now we're in the process of bringing more troops home. the bush tax cuts a lot of things that we're having to continue to pay for that are really the result of h
the deficit will be over $200 billion smaller than it was last year when the deficit was already smaller than the one the president inherited. barack obama turns out to be a reducer of the deficit. but he gets zero credit for this in the press or it turns out with voters. joining us is the man who was supposed to stop problems like that from happening. senior adviser robert gibbs. thank you for being here tonight. >> thank you for having me. >> am i blaming you unfairly? >> i...
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Jan 29, 2019
01/19
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right now we have no deficit and we have no recession and thecli deficits are very high. if we go through a business cycle, then it would lead to very large g deficits, much larr than we're seeing now. that's a concern in terms of risk going forward. that's one of the punch lines that's really important. >> one of the things that they arehe arguing is more that economic growth would be slow and tepid and you have interest rates may rise in the the future,stayed relatively wostable, so why shod we charge policy based on projections that are 30 years away. i'd like dwrou todo a wrestle w that argument that you brought up earlier. >> sure. well, one of the things that you can do and one of the things that we've got in our report is we have some what ifs. if interest rates were lower, higher than we project. if you look at something like what the effect of lower interest ratesnc that would hav you still have really significant deficits and debt going forward. itit makes a difference and things, but it did you want improve them all that much. so that's one of the points i'd li
right now we have no deficit and we have no recession and thecli deficits are very high. if we go through a business cycle, then it would lead to very large g deficits, much larr than we're seeing now. that's a concern in terms of risk going forward. that's one of the punch lines that's really important. >> one of the things that they arehe arguing is more that economic growth would be slow and tepid and you have interest rates may rise in the the future,stayed relatively wostable, so why...
SFGTV2: San Francisco Government Television
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Apr 1, 2013
04/13
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it's a significant portion of that deficit. of that amount there are a few things that are really driving those enemies. again, t again, t again, the -- it will match our expenditures from year to year. and we're in the process of rebuilding san francisco general hospital on the progress side we're on track in terms of the bond project and in terms of the timeline and it demonstrates our ability to move heard. there are expenditures on the furniture and equipment and on some of the transition costs that are not bond eligible costs those need to be paid out of the general fund costs. so that's one of our challenges ahead. and then, of course, our general increases in the costs of doing business in the department. so we clearly have a lot of work to do. right now we're still in the process of working with our commission because of the size of the deficits and the challenges that we have based on our projection of our current year deficit. we've extended those discussion later into the spring that we generally do. we're going to b
it's a significant portion of that deficit. of that amount there are a few things that are really driving those enemies. again, t again, t again, the -- it will match our expenditures from year to year. and we're in the process of rebuilding san francisco general hospital on the progress side we're on track in terms of the bond project and in terms of the timeline and it demonstrates our ability to move heard. there are expenditures on the furniture and equipment and on some of the transition...
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Mar 5, 2013
03/13
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not a hysterical deficit hawk but a deficit hawk. >> rose: you will become a deficit hawk when we have a strong economy. define for you a strong economy. is that g.d.p. growth of 4%? >> it's not growth. unemployment rate low enough that the fed is interesting rates to head off inflation. as soon as we're out of the liquidity trap where the fed has got its pedal to the metal. >> rose: so when the fed raises the interest rates to avoid inflation that's when the economy is good shape? >> no, that's when you can make a deal. the fed will hold off on the interest rate hikes. that way it doesn't depress the economy. >> you would start dealing with the debt immediately. you would go in and fix entitlement reform. yes? what would you do immediately to the debt? >> you want to get the parties talking. you want to get the white house, you want to get congress talking and talk about what's going to have to be done to address medicare, to address medicaid, to address social security which is less of a problem. and my belief is -- my concern about the crisis-- like bob rubin said, you never know wh
not a hysterical deficit hawk but a deficit hawk. >> rose: you will become a deficit hawk when we have a strong economy. define for you a strong economy. is that g.d.p. growth of 4%? >> it's not growth. unemployment rate low enough that the fed is interesting rates to head off inflation. as soon as we're out of the liquidity trap where the fed has got its pedal to the metal. >> rose: so when the fed raises the interest rates to avoid inflation that's when the economy is good...
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Apr 3, 2010
04/10
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deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message our first call comes from coral on the democrat line. i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we went to conservative economic philosophy. it has been failing us. they say we should cut spending and not to anything about taxes. we have a business sector here who really has not been contributing their part to society for the past 30 years. i would like to see what their answers are to their to -- to my comments. host: if you are blaming future deficit on debt on the conservative economic philosophy, the increase in spending going forward is driven almost entirely by social security and medicare and medicaid. without those programs, the government budget would be roughly
deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message our first call comes from coral on the democrat line. i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we...
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0.0
Mar 19, 2023
03/23
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had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your. 1.3 trillion to 1.6 trillion to 1.8? you are actually increasing the deficit by $300 billion in 2024. you are increasing the deficit. by the way, that's a massive deficit. what do you think is sparking inflation? causing the fed to cause a run on the banks? at what point do you acknowledge the harm that this massive spending deficit is causing the economy? it's not recognized in your 2024 budget. dir. young: i hope we all realize that inflation is a global phenomenon. the u.k. doesn't have the same laws as the united states
had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your....
SFGTV: San Francisco Government Television
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Mar 31, 2013
03/13
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this is anna projection of the deficit that the deficit is continued to be ongoing >> are those solutions going to be available prior to an action item to approve the upcoming special request? >> the special request will be before you in next weeks budget competent. the budget two year budget plan is anticipated to go to the commission on april 23rd so it will be released 10 days after this committee >> thank you. >> i think
this is anna projection of the deficit that the deficit is continued to be ongoing >> are those solutions going to be available prior to an action item to approve the upcoming special request? >> the special request will be before you in next weeks budget competent. the budget two year budget plan is anticipated to go to the commission on april 23rd so it will be released 10 days after this committee >> thank you. >> i think
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Mar 27, 2017
03/17
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do trade deficits matter? this is an important question because america's trade deficit in goods is large and persistent. $734 billion in 2016 and on the order of about $2 billion every single day. communist china accounts for half of that deficit in goods, 47% to be exact. capitalist gero and japan each run annual surpluses with america of over $60 billion which accounts cumulatively for another 27% of that deficit. if we measure our by lateral deficits using the volume of our two-way trade, ireland and vietnam curvee vietnam actually outstrip china, while malaysia, thailand and italy onto faren't far behind. other countries which run significant deficits include india, south korea, taiwan, france and switzerland. what all this adds up to is a group of 16 countries that account for the lion's share of our deficit problem. if, of course, you see these by lateral trade deficits as a problem, that's the question for us. do trade deficits matter. more specifically, do america's large and persistent trade deficits
do trade deficits matter? this is an important question because america's trade deficit in goods is large and persistent. $734 billion in 2016 and on the order of about $2 billion every single day. communist china accounts for half of that deficit in goods, 47% to be exact. capitalist gero and japan each run annual surpluses with america of over $60 billion which accounts cumulatively for another 27% of that deficit. if we measure our by lateral deficits using the volume of our two-way trade,...
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Sep 15, 2017
09/17
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trade deficit and the current account deficit. when i say trade deficit i mean the current account deficit. it is a convenience. the trade deficit, 4% of u.s. ap, and has caused us to lose million to 2 million jobs. it is a nontrivial number. it is a large number. i come from northern new england and when i drive through towns like claremont, i could cry to see the devastation in the east communities. that is my first idea. i will come back to that. the second idea, what has caused the trade deficit? we come to the savings and deficit in balance. i will introduce the distinction between crowding out and crowding in. if i listened to my colleagues panel, there is a shortage of u.s. savings maybe. maybe there is an excess supply of foreign savings and maybe it is coming into the u.s. and driving up the price of the u.s. dollar and having an impact on the savings rate. out-is the crowding crowding in distinction. involved idea, getting in policies and how it gets involved in the exchange rate system. we have an exchange-rate system s
trade deficit and the current account deficit. when i say trade deficit i mean the current account deficit. it is a convenience. the trade deficit, 4% of u.s. ap, and has caused us to lose million to 2 million jobs. it is a nontrivial number. it is a large number. i come from northern new england and when i drive through towns like claremont, i could cry to see the devastation in the east communities. that is my first idea. i will come back to that. the second idea, what has caused the trade...
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0.0
Jun 8, 2022
06/22
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i want to say i'm not celebrating the trillion dollar deficit which is one of the highest deficits we've ever had. only in washington. i wanted to first ask you, if we talk about the issue of inflation and multitude of impact it has. you know, we talk about the fact that the fed is now in an effort to combat inflation, has begun raising interest rates and expectations, they will continue to do so. so, you-- the cbo projects that a net interest team on the debt will be the 8.1 trillion over 10 years and that would be 1.9 trillion higher than previously or due to the increase in inflation that's projected. that in my mind is, you know, money that especially wasted because we have to -- we have to pay because the rate of inflation increase. i wonder, as we talk about inflation and certainly, our priority as representatives is the price that our citizens are incurring when they go to the park, when they go to the grocery store, et cetera. what is the delta, if you have one, on increased costs of running our government and the government buying everything due to this inflation that if inflati
i want to say i'm not celebrating the trillion dollar deficit which is one of the highest deficits we've ever had. only in washington. i wanted to first ask you, if we talk about the issue of inflation and multitude of impact it has. you know, we talk about the fact that the fed is now in an effort to combat inflation, has begun raising interest rates and expectations, they will continue to do so. so, you-- the cbo projects that a net interest team on the debt will be the 8.1 trillion over 10...